The present invention relates generally to the field of systems for and methods of processing purchase orders. More particularly, the present invention relates to systems for and methods of monitoring purchase orders.
One particular business that processes purchase orders is the retail business. Operations for a business often include purchasing merchandise from a supplier for sale to customers or for use in the processes and products for the business. Generally, purchasing merchandise or supplies from the supplier involves sending a purchase order to the supplier requesting a specific number of items for a specific price. The number of items multiplied by the price of the items provides a total cost associated with the purchase order.
Once the purchase order is submitted, the supplier is expected to deliver items in the purchase order pursuant to an estimated schedule. Businesses often submit orders as late as possible to delay the binding of funds as much as possible. Thus, purchase orders are often submitted to schedule delivery as close as possible to the date the items are required. Unfortunately, for delayed deliveries, the business may not become aware of the delay until it is too late.